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Do not pay workers the old-age pension until they turn 70 PEOPLE should not get the State pension until they reach the age of 70, the country’s leading economic think-tank says. Moving the statutory retirement age to 70 would counter a fall in the workforce and the rise in the number of pensioners, the Economic and Social Research Institute says.Reform that increases the current statutory retirement age by five years would roughly correspond to the projected increase in life expectancy.Raising the pension age, the study finds, could more than offset the impact of demographic change on the State budgets. It comes after reports this week that Social Protection Minister Regina Doherty has been warned of a pensions “time-bomb” that has seen the State’s bill spiralling by €1bn every five years due to our ageing population.The Government has said it hopes to be able to give a rise in the State pension that exceeds the rate of inflation in this year’s Budget, while Fianna Fáil is also pressing …

India adopts reporting rules to crack aggressive corporate tax planning The final country by country reporting rules notified by the CBDT is part of a global reporting regime that more than 100 countries have agreed to implementIndia on Wednesday notified final rules for multinational group companies (MNCs) in India to report specifics of their global parents’ operations as part of a global initiative to end instances of aggressive corporate tax planning. Details filed by the multinational company’s local arm in India, together with the finer details of the parent’s operations in every market which Indian authorities can source from the group’s home country under tax treaties, will help the government know how businesses manage flow of funds across borders to keep tax outgo low. The final country by country reporting rules notified by the Central Board of Direct Taxes (CBDT) is part of a global reporting regime that more than 100 countries have agreed to implement.The framework was prepa…

GST will further boost India’s ranking in ease of doing business, say bankers Bankers and experts express hope that implementation of the GST will strengthen India’s ease of doing business position in the futureWith the improvement in India’s ranking in the World Bank’s ‘ease of doing business’ report to 100th position, bankers and experts on Tuesday expressed hope that implementation of the goods and services tax (GST) will strengthen the country’s position in the future. “Going forward, GST’s incorporation in next year’s assessment will provide another significant leap in doing- business rankings for India,” Yes Bank managing director Rana Kapoor said in a statement.It is to be noted that the latest ease of doing business report by the World Bank released Tuesday did not take into consideration the implementation of GST from 1 July. Passage of the GST Bill was clearly a watershed moment for the economy but even otherwise there has been a sustained effort to simplify licencing and tax s…

Doing business is easier says India Inc Top CEOs have cheered India´s improved position in the World Bank´s ranking of countries on ease of doing business, and said the situation on the ground has improved considerably in the past few years andasuccessful rollout of the goods and services tax (GST) will help the country further improve its rankings in the coming years. In a survey of 20 CEOs from across the nation on Wednesday, 80 per cent of them were of the view that due to a series of reforms undertaken by the Narendra Modi government, it had become easier to do business.According to the World Bank report, India improved its rankings in six of the 10 subcategories used by the institution to judge the business climate. In some categories such as paying taxes, resolving insolvency, getting credit, and protecting minority shareholders, the ranking jumped significantly.India´s overall rank in ease of doing business jumped from 130 last year to 100 this year.Seventy five percent of the CE…

Govt owned enterprises may soon face the IBC heat For first time, 9 PSBs have taken a state owned enterprise to task Till now, private corporate debtors have been at the receiving end of the Insolvency and Bankruptcy Code.That may soon change with the first state owned enterprise going through the insolvency process.This may set the ball rolling for similar instances of defaulting government owned enterprises being taken to task by financial and operational creditors, said experts. In a case testing the statutory powers vested with creditors under the Insolvency and Bankruptcy Code (IBC), insolvency resolution proceedings were initiated against West Bengal Essential Commodities Supply Corporation (WBECSC),a state government undertaking that is in the business of procuring and distributing food grains and essential commodities, in May this year.This case is close to getting resolved, with the state enterprise settling its dues with the consortium of creditors (nine public sector banks). Th…

GST Network Glitches Courtesy Infosys, Say Government Officials Time taken for IT co to come up with solutions irks govt; Infy rejects contention Infosys, for long the face of India's software sector, finds its management of the GST information technology backbone under scrutiny at the highest levels of the government. It had won the . 1,380-crore deal for developing and ` running GST's backend in 2015.

Three top government functionaries expressed strong disappointment with the company over frequent glitches that have beset the Goods and Services Tax Network (GSTN), leading to extension of deadlines for returns several times “It has been a disappointing experience,“ said one of the officials, adding that the software provider is now expected to improve service delivery.Infosys rejected the contention that its work had been regarded as unsatisfactory.

“The information you have received is completely inaccurate,“ the company said in an email to ET.The government on October 30 again…

Good Days may Follow Goods in Highest Tax Slab DIPP feels lower rate for select items under 28% slab will boost demand, help MSMEs India could review the application of the highest 28% slab under the goods and services tax (GST) and consider imposing a lower rate on items of frequent use, with policymakers supporting a move along these lines.Such a move will reduce prices of many goods, thus helping to boost demand. The Department of Industrial Policy and Promotion (DIPP) has pitched for such a shift to revive industry, especially small businesses that are regarded as engi nes of employment generation. “There is a need to relook at the 28% slab,“ said a senior government official. “Some of the goods placed in that bracket are manufactured by MSMEs (micro, small and medium enterprises) and they are feeling some pressure.“ Items in the 28% slab include washing machines, refrigerators, electrical fittings, cement, ceiling fans, watches, automobiles, tobacco products, nutritional drinks, aut…